Tencent Music Entertainment Group Sponsored ADR $TME Shares Acquired by Aberdeen Group plc

Key Points

• Aberdeen Group plc has increased its stake in Tencent Music by 26.9%, now owning 227,607 shares valued at approximately $4.4 million.
• Various hedge funds have made significant adjustments to their positions in Tencent Music, with institutional investors collectively holding 24.32% of the company's stock.
• Analysts have mixed ratings on Tencent Music, with one "Strong Buy," ten "Buy," and one "Hold" rating, and a consensus price target of $24.47.

Aberdeen Group plc raised its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 26.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 227,607 shares of the company's stock after acquiring an additional 48,271 shares during the quarter. Aberdeen Group plc's holdings in Tencent Music Entertainment Group were worth $4,436,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in TME. SVB Wealth LLC acquired a new position in shares of Tencent Music Entertainment Group during the first quarter valued at approximately $34,000. Banque Transatlantique SA acquired a new position in shares of Tencent Music Entertainment Group during the first quarter valued at approximately $46,000. Brooklyn Investment Group raised its holdings in shares of Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after acquiring an additional 4,307 shares during the last quarter. Oppenheimer Asset Management Inc. raised its holdings in shares of Tencent Music Entertainment Group by 35.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock valued at $196,000 after acquiring an additional 3,570 shares during the last quarter. Finally, Eschler Asset Management LLP acquired a new position in shares of Tencent Music Entertainment Group during the first quarter valued at approximately $206,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Price Performance

TME stock opened at $22.62 on Friday. The business has a fifty day moving average of $24.37 and a two-hundred day moving average of $19.66. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. The stock has a market cap of $38.82 billion, a price-to-earnings ratio of 24.86 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $10.11 and a 52-week high of $26.70.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Zacks Research cut Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a report on Monday. Sanford C. Bernstein set a $27.50 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Wednesday, August 13th. Benchmark increased their price target on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a report on Wednesday, August 13th. Wall Street Zen raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Finally, Macquarie set a $29.80 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of "Buy" and a consensus target price of $24.47.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.

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